Two-bedroom Toorak house listed with price hopes up to $10.2 million

A two-bedroom house at 45 Hopetoun Rd, Toorak has price hopes of up to $10.2 million.

A TWO-bedroom house has hit the Toorak market with an eight-figure asking price.

The dated residence at 45 Hopetoun Rd is up for grabs with a $9.5-$10.2 million price guide.

CoreLogic records indicate that if the pad was to achieve this range, it would easily become the priciest two-bedroom house to change hands in Melbourne’s priciest suburb — trumping 22 Heyington Place, which fetched $5.5 million in 2016.

Kay & Burton South Yarra director Michael Gibson said it may even become greater Melbourne’s top selling two-bedder.

But he said the property’s value lay in its sprawling 1083sq m landholding, rather than the ‘60s house that occupied it.

Inside the tired house, which last sold for just $545,000 in the ‘80s.

The house is set on 1083sq m.

“There’s every chance this two-bedroom home could be demolished and make way for a new two- or three-storey house,” Mr Gibson said.

Two townhouses could also replace the single-level house, which was designed by architect Joe Fudge and has been basically untouched since it last sold in 1985 for just $545,000.

A buyer could also renovate the existing home, which the Kay & Burton listing describes as a “cherished property (that) has been immaculately maintained and retains its elegance and exclusivity with an intelligently designed floorplan”.

The U-shaped house wraps around a west-facing terrace and features formal and informal living rooms, and a central kitchen with stone benchtops and French doors to a meals area.

It’s on one of Toorak’s premier streets, which is favoured by Melbourne’s rich and famous and counts founder of the Myer empire Sydney Myer and theatre entrepreneur Sir Frank Tait among its notable past residents.

Mr Gibson said the long-time vendors were parting ways with the home because it was “too big for them”.

“It happens a lot in Toorak, that you’ll find people who have been there a number of decades or generations,” Mr Gibson said.

“Why would you want to leave Hopetoun Rd?”

One of the home’s two bedrooms.

If the property were to sell at the top of its range, the price would equate to $9418 per sqm.

The agent said Kay & Burton had recently sold two properties for similar sqm rates on Hopetoun Rd.

No. 32, which is occupied by a five-bedroom Christopher Doyle-designed house with a pool, is understood to have fetched about $12 million and No. 17 sold off market for about $15 million.

The median sale price for a two-bedroom Toorak house over the past year is $2.025 million, while the suburb’s overall house median is $4 million, according to CoreLogic.

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